EM CEEMEA CREDIT: CEEMEA EM Credit Market Update close
May-15 15:26
- In Rates, US data weigh on close for UST 10Y yields at 4.46%, a -8bp move. The 5s/10s curve shows at 37.53, +1bp, but we note 10s/30s are +3bp at 45.83.
- Among Sovereigns, spread moves show a widening bias, charting mainly in a +10/+30bp range. News flow focus has been on Ukraine-Russia meetings (more commentary available from our Political Risk Team) as well as some macro data updates, including Türkiye’s CB FX reserves weekly update, Romania’s weak read for quarterly GDP, Saudi Arabia’s neutral read for April CPI and neutral take from Rwanda’s CB leaving base rate unchanged.
- Among Corporates, spread moves show a marginal widening bias. Spreads chart mostly in a +5/+15bp range. The focus for news flow has been on Q1 earnings for a couple of CEE utilities, Czechia’s CEZ (neutral) and Romania’s RomGaz (neutral), as well as Kuwait’s Kuwait Projects Co and UAE’s Taqa (neutral). Elsewhere, we read headlines commenting on talks for potential partnerships for South Africa’s Transnet (neutral), and some supportive developments for miner First Quantum on securing energy resources in Zambia (supportive). Primary market saw an AT1 USD Sukuk deal for Saudi Arabia’s Bank Albilad, final price has been indicated at 6.50% yield, we provided FV at 6.45% area earlier, link to note below:
https://mni.marketnews.com/4iZEYNr
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US TSY OPTIONS: BLOCK: Jun'25 10Y Puts & Additional Trade
Apr-15 15:25
- 7,500 TYM 109 puts, 25 vs. 110-31/0.23 at 1115:14ET, additional 6,600 on screen.
- Additional screen trade includes:
- 10,000 TYK 111.25/111.75 1x2 call spds, 8 net ref 110-28.5
- 2,900 TYK5 110/112 strangles vs. TYM5 109/113 strangles
OPTIONS: Larger FX Option Pipeline
Apr-15 15:25
- USD/JPY: Apr17 Y145.00($1.4bln)
- USD/CAD: Apr17 C$1.4000($1.4bln)
FED: US TSY 52W AUCTION: NON-COMP BIDS $1.043 BLN FROM $48.000 BLN TOTAL
Apr-15 15:15
- US TSY 52W AUCTION: NON-COMP BIDS $1.043 BLN FROM $48.000 BLN TOTAL
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